Like many other online businesses, many people struggle so hard to make reasonable money in a month; the same applies to Amazon Dropshipping. If you’re currently dropshipping on Amazon but musing about quitting because you don’t make money on it, I have good news for you. Read to the end to learn how to make $1000 a month on Amazon dropshipping. Sounds good, right?
Let’s get to business!
Sourcing your products
What is product sourcing?
The act of researching the most profitable products on Amazon to sell and make good profit is what product sourcing entails. Not all sellers on Amazon create their own products, and as a seller, you can source products from a manufacturer, wholesaler or dropshipping company. However, it’s unwise to jump to any random product without detailed research – doing so can amount to losses. Therefore, product sourcing can give you the best information you need about the product on Amazon, customers’ preferences, as well as prospect analysis. The goal is to know if the product you want to add to your inventory is profitable. And you should have about 300 products in your inventory to get started. Yes, if you want to make $1000 and above you should have 300 products in your inventory.
It is also essential to choose products that are less competitive on the market, free of Amazon prime sellers competition as well.
To begin sourcing for a product, you will head to Amazon Marketplace, where you can source a product that will be profitable. You need first to calculate the net profit, and after those taxes; get your gross buying prices including the shipping and a gross retail price, this will help you calculate your profit after all expenses. You can use Repricer Express to automatically set the minimum gross price and the maximum gross retail price – the repricing software is recommended if you want to use a repricer.
The second thing you need is a website to compare prices from the products on Amazon to other sourcing websites. You can use Google Shopping to find some price comparison websites. You can go with PriceSpy or any other comparison website of your choice, but you want to have numerous sites where you can compare the prices to give you the best chance to find a valuable sourcing source.
After settling for a comparison website, you can source a random category. It would be best if you searched for categories you can make sales fast because there are categories that don’t really make sense, perhaps with much competition. Basically, you should source for products that have made good sales, and you can check this with the help of a chrome extension – Jungle Scout or Helium. You should avoid listing products that have prime sellers; it is difficult to make sales with such competitors.
So after you might have successfully sourced the products you are sure of making quick sales and getting the right profit, you’re now set to begin the process properly. So what to do? Below I have made a more detailed video that reveals the rest of the steps you need to take to make over $1000 on Amazon dropshipping. Ensure you patiently watch the video to the end!